https://www.taxtmi.com/caselaws?id=355082 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's mistake in claiming depreciation on land was inadvertent and rectified in good faith during assessment proceedings, indicating no deliberate intent to conceal income or furnish inaccurate particulars. Additionally, the Tribunal deemed the penalty notice defective for not specifying the exact charge, in line with legal precedents. Consequently, the Revenue's appeal was dismissed, and the penalty deletion was upheld. en-us Fri, 02 Feb 2018 00:00:00 +0530 Fri, 09 Feb 2018 07:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355082 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the assessee's mistake in claiming depreciation on land was inadvertent and rectified in good faith during assessment proceedings, indicating no deliberate intent to conceal income or furnish inaccurate particulars. Additionally, the Tribunal deemed the penalty notice defective for not specifying the exact charge, in line with legal precedents. Consequently, the Revenue's appeal was dismissed, and the penalty deletion was upheld. Case-Laws Income Tax Fri, 02 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355082